This Week's Baltimore Deal Sheet
An 80K SF warehouse in Baltimore County's Rosedale neighborhood sold for $6.6M, nearly $1M more than it sold for a year ago.
Family-owned Whitehouse & Schapiro LLC, which recycles secondhand textiles, purchased the 41-year-old single-story property at 1201 67th St.
“The product inventory for this asset class remains extremely tight throughout the Baltimore metropolitan region, and buildings smaller than 100K SF of space rarely hits the market, so this was an extremely opportunistic acquisition for Whitehouse & Schapiro,” Andrew Meeder of MacKenzie Commercial Real Estate Services said in a statement.
MacKenzie represented the seller, Daniels Property Group, which is an affiliate of Daniels Health. That company purchased the property for more than $5.72M on Jan. 31, 2022, according to state property records.
New Leaf LLC owned the building before that transaction and purchased the property for $1.95M in 2008.
SALES
Brennan Investment Group purchased nearly 16 acres along Solley Road in Glen Burnie. The Chicago-based firm intends to build a roughly 80K SF industrial facility on the property designed for one or two tenants. It expects to complete construction on the building later this year. Brennan said this is the first of several planned investments in the Baltimore and Washington, D.C., corridor.
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A 42-unit garden-style apartment complex in the Dolfield section of west Baltimore is slated for a bankruptcy sale via online auction next month, according to auctioneer Alex Cooper. The properties consist of seven buildings between 4610 and 4614 Wallington Ave. and 3915 to 3921 Belvieu Ave. The city has condemned the property at 3917 Belvieu Ave.
LEASES
Caves Valley Partners said it signed more than 12K SF of leases at The Offices at Village Square in Cross Keys. The office space at the project is now over 95% leased. New tenants include Victor Capital Partners, Stanton Chase and Shot Tower Capital.
DEVELOPMENT
Harford County Executive Bob Cassilly proposed a six-month moratorium on new warehouse development, according to the Baltimore Business Journal. The exurban county, roughly equidistant between Baltimore and Philadelphia on the Interstate 95 corridor, has attracted substantial industrial growth during the past several years.
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Soaring construction costs and rising interest rates have led to renovation delays at Laurel Park in Anne Arundel County and the iconic Pimlico Race Course, home of the Preakness Stakes, according to the Baltimore Sun. The Maryland General Assembly approved $375M in state funds to upgrade those facilities as part of a deal to keep the Preakness Stakes in Baltimore.
THIS AND THAT
The Angelos family, which owns the Baltimore Orioles, ended its legal feud Tuesday. Ending the court case clears a major hurdle for the team agreeing to a new lease for Oriole Park at Camden Yards. The Orioles declined a five-year extension of the team's lease earlier this month, which means the current deal expires at the end of 2023. Gov. Wes Moore and Orioles executives said they plan to pursue a long-term deal at the Maryland Stadium Authority-owned property.
